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Suppose that inverse demand is given by P = 150 - 2Q and marginal cost is given by MC = 30. What are the equilibrium

Suppose that inverse demand is given by P = 150 - 2Q and marginal cost is given by MC = 30.

  1. What are the equilibrium price and quantity if the market is served by a monopolist?
  2. What are the equilibrium price and quantity if the market is served by perfectly competitive firms?
  3. Which market produces a larger amount of consumer surplus?

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